Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all of the quesitons below, Just provide the correct letter THANK YOU 35. Which of the following is not a control that generally

Please answer all of the quesitons below, Just provide the correct "letter" THANK YOU

35. Which of the following is not a control that generally is established over cash receipts?

A To prevent abstraction of cash, a control listing of cash receipts should be prepared by mailroom personnel.

B To insure accurate posting, the accounts receivable clerk should post the customers' receipts from customers' checks.

C To insure accuracy of the accounts receivable records, the records should be reconciled monthly to the accounts receivable controlling account.

D To prevent theft of cash, receipts should be deposited daily.

36 Which of the following is not a universal rule for achieving internal control over cash?

A Separate recordkeeping from accounting for cash to the extent possible.

B Deposit each day's cash receipts intact.

C Separate cash handling from recordkeeping.

D Have monthly bank reconciliations prepared by employees not responsible for the issuance of checks.

37. Which of the following is not a control over cash disbursements?

A Disbursements should be made by check.

B A check protecting machine should be used.

C Documents supporting the payment of a disbursement should be canceled by the person preparing the check to prevent reuse.

D Voided checks should be defaced and filed with paid checks.

38 Properly designed internal control will permit the same employee to:

A Receive and deposit checks, and also approve write-offs of customer accounts.

B Approve vouchers for payment, and also receive and deposit cash.

C Reconcile the bank statements, and also receive and deposit cash.

D Sign checks, and also cancel supporting documents.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago